I am Renae Randall. I worked for the South Dakota Investment Council (SDIC) for 22 yrs and was fired as a Senior Investment Manager on May 30, 2025 for Whistleblowing about a collapse of Internal Controls at the $20 billion public investment fund that holds custody of all of the State of South Dakota’s financial assets. This includes the South Dakota Retirement System (SDRS) assets, several state trust funds and the state checking account (Cash Flow fund).

I was then blocked by several state agencies from reporting it as I was legally required. I had two different lawyers that told me they would help me file that Whistleblower report to the AG Office and file a lawsuit for Wrongful Termination, but both would eventually refuse after a few weeks and demand I sign an NDA and settle behind the scenes instead, which I never wanted to do.

When I continued to refuse a secret settlement, I was brutally cyberattacked. The hacker hijacked my computer, phone and several emails/social media accounts and terrorized me. Calls wouldn’t connect, emails wouldn’t deliver. I couldn’t communicate with anyone that could help me. I would eventually buy billboards to communicate with the outside world (Ft. Pierre, Sioux Falls, Rapid City). But even then, complete silence from anyone in the South Dakota government. None of the people that should be responsible and held accountable did anything. Everyone looked the other way.

Why it matters?

• Management/Boards of Investment funds behaving like this is a red flag for fraud.

• The SDRS pensions and/or COLAs are cut whenever SDIC investment performance is not good enough.

• SDRS has over 100,000 members of South Dakota teachers, state and municipal employees who have worked hard and depend on current/future pensions that may be at risk.

• Oversight agencies blocking whistleblower reports is concerning on many different levels for the proper functioning of efficient state government.

• State Credit Rating at risk, increasing interest rates for the state and development projects.

• Extremely concerning behavior from SD BIT (Bureau of Information Technology).

• Lack of transparency and accountability in the areas of SD government that are responsible for oversight.

• An engrained culture of “looking the other way.”

What my intentions are:

1. Inform citizens of extremely concerning behavior of the SDRS/SDIC, SD BIT and of the behavior of the several oversight agencies that employees are supposed to report, if they see concerning behavior.

2. Encourage citizens of South Dakota to ask questions.

3. Work with others to find a solution to what seems to be a disturbing lack of transparency and engrained corruption in the government of the State of South Dakota.

I have organized the evidence as an educational “Course” with “Lessons” that break the story up to manageable pieces. I give a bullet point summary of each “Lesson” and then PDFs that are the hard documents.

If this “Course” leaves you with some questions to ask SDIC, SDRS, other agencies or your district senators/representatives in South Dakota, feel free to ask them questions. All these agencies/representatives work for the citizens of South Dakota and owe people explanations of how their money and their government is being managed.

You can also contact me, Renae Randall, through this website. I will try to answer questions and I am also very interested in experiences other state employees or even general citizens that have had similar issues.

Check back every few weeks as I continue to update and improve the website.